Employment contract
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An employment contract is an agreement entered into between an employer and an employee at the commencement of the period of employment and stating the exact nature of their business relationship, specifically what compensation the employee will receive in exchange for specific work performed.
Terms and conditions of employment
The central focus of most employment contracts is money. The employee may be compensated through wages, a salary, or by commission. In addition to monetary compensation, the employment contract often specifies a fringe benefit package, including a retirement plan, employee stock options, the termination or resignation notice period, holiday entitlement, required hours of work, and (especially in the US) health insurance benefits.
Some employers also use non-disclosure and non-compete clauses to protect their trade secrets from being dispersed when employees leave. Depending on where you live, the laws regarding enforcability of these clauses vary widely.
See also
- Labour and employment law
- Labor union
- Collective bargaining
- First Employment Contract and New Employment Contract in France
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